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Death and Taxes Ahead in SA

death-and-taxes-ahead-in-sa

Australia is the only western democracy in the world not to have some form of death duty. The USA, Canada, England, Scotland, Ireland and New Zealand all have inheritance taxes.

Until the 1970’s each state and territory in Australia had some form of death duty or inheritance tax. But then Joh Bjelke Peterson as premier of Queensland abolished them in that state, and every other state government soon followed suit to remain competitive.

All State and Federal Governments are desperately looking to raise revenue in these difficult economic times, and every recent review of our tax system suggests that some form of inheritance tax will be back on the table.

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Top 5 Dangers of Do-It-Yourself Will Kits

Top 5 Dangers of Do-It-Yourself Will Kits in SA

Top 5 Dangers of Do-It-Yourself Will Kits in SA

Creating a Will gives us the peace of mind that comes from knowing that our estate will be distributed according to our wishes. But the desire to avoid the expenses normally associated with Will preparation is tempting some people these days to consider using Do-It-Yourself Will Kits.

At first look, DIY Will kits might seem to be cheaper and save some time and travel involved in having a legal professional prepare a Will, BUT the savings in time and money could be illusory if there are even minor mistakes or unforeseen events that cause the Will to be invalid.

Remember: any mistakes you make will only become apparent after you’re dead, and it’s too late to fix them.

Determining the wishes of the deceased is a legal issue by its very nature, and consequently, if the Will is not properly prepared and executed, it could be invalidated or challenged, sometimes complicating things even worse than if there had been no Will at all.

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